There were only two candidates in the election, with John Smith always the clear favourite to win.[1] The ballot took place on 18 July 1992 at the Labour Party conference. Affiliated organisations had 40% of the vote, while Constituency Labour Parties and the Parliamentary Labour Party had 30% each in the electoral college. Gordon Brown and Robin Cook were both seen as potential candidates, but did not stand.

John Smith was elected leader of the Labour Party with a clear majority.

Shortly after Black Wednesday in September 1992, Labour's lead in the opinion polls began to rise. By the time of his sudden death, Smith was widely predicted and expected to become prime minister at the next general election.

^Under the rules at the time of the contest, block votes were cast by delegates and the Parliamentary Party at Labour Party Conference. Affiliated Unions held 40% of the votes, CLPs 30% and the PLP 30%.